Home > Income Tax Act 2025 > Schedule XVLast Updated: Oct 08th 2025
"Schedule XV" provides for Deduction In Respect Of Life Insurance Premia, Contribution To Provident Fund, Subscription To Certain Equity Shares, Etc. Learn to understand the "Schedule XV" as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
Sl No. | Nature of payment | Conditions for disallowance of the deduction in respect of payment provided in column B |
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A | B | C |
1 | Premium paid for a life insurance policy. | Where the assessee terminates his contract of insurance, by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,—
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2 |
| Where the assessee terminates his participation in such plan, by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years. |
3 | Certain payments made for purchase or construction of residential house property. | Where the assessee––
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4 | Certain payments for subscription to any equity shares or debentures forming part of any eligible issue of capital by a public company or by any public financial institution and approved by Board. |
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Sl No. | Nature of payment | Condition for taxation | Manner and amount of taxation in the tax year in which condition in column C is fulfilled |
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A | B | C | D |
1 |
| If any amount, including interest accrued, in respect of the account provided in column B, is withdrawn by the assessee, before the expiry of the period of five years from the date of its deposit. |
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2 | Contribution to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the fund referred to in Schedule VII (Table: Sl. No. 3). | Where any amount standing to the credit of the assessee in the pension fund, in respect of which a deduction has been allowed, together with the interest or bonus accrued or credited to the assessee account, if any, is received by the assessee or his nominee,—
| An amount equal to the whole of the amount referred to in column C (a) or (b) shall be deemed to be the income of the assessee or his nominee, in the tax year in which such withdrawal is made or, pension is received, and shall be liable to tax in the said year. |
3 | Contribution by an individual to a pension scheme notified by the Central Government. | Where any amount standing to the credit of the assessee in the pension scheme, in respect of which a deduction has been allowed, together with the amount accrued thereon, if any, is received by the assessee or his nominee, in whole or in part, in any tax year, and if such amount is not used for purchasing an annuity plan in the same year—
| The whole of the amount referred to in column C (a) or (b) shall be deemed to be the income of the assessee or his nominee, in the tax year in which such amount is received, and shall be liable to tax in the said year. |
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.